I thought I’d take this rare chance (the kiddo is taking a nap) to share a few midday thoughts regarding what I’m seeing on the stock exchange.

As I suggested in a post the other night, bank stocks are getting hammered.  My $WFC July 33 puts are appreciating nicely, and I’m still pissed that my order for some $STI July 23 puts wasn’t filled before the close yesterday.  From my perspective, it’s too late to try and jump in on that one now…my risk/reward is skewed much to far to the risk side now.

I have been keeping an eye on a few social media stocks, and have really been watching $P with keen interest.  One of my favorite patterns to look for is the pullback after a “breakout”.  This one has a really nice look to it.  As long as it can find support above 10, I’ll remain interested.  The June 10 calls are where I will focus my attention.

My best to to you all.

-EM

UPDATE: I started a position in $P June 10 calls @ 0.85.